Summary of China Coal Energy Conference Call Company Overview - China Coal Energy is a state-owned enterprise under China Coal Group, with a shareholding ratio of approximately 57% [6] - The company was listed on A-shares in 2008 and holds 62% of Shanghai Energy [6] - The business segments include coal production and trade, coal chemical, power generation, and equipment manufacturing, with thermal coal accounting for over 80% of its operations [6] Industry Insights - The thermal coal market has significantly benefited, with China Coal Energy positioned as the second-largest state-owned enterprise, indicating broad future development potential [2][4] - The coal industry is expected to transition from a downward cycle that began in 2023 to a gradual upward phase starting in Q3 2025, driven by unexpected demand and a contraction in supply due to anti-involution policies [3] Financial Performance and Projections - China Coal Energy's projected performance for 2025 is approximately 16.5 billion yuan, with a current P/E ratio of about 10 times and a dividend yield of 3.3% [2][5] - The company has demonstrated industry-leading stability and growth through cost reduction and efficiency improvements [2][5] Production Capacity and Cost Management - The company has a controlling capacity of 163 million tons and an equity capacity of 145 million tons, with the Pingluo mining area accounting for 62% of total capacity [7] - The sales of thermal coal are primarily based on long-term contracts, constituting 80% of sales, which enhances stability [9] - The cost of self-produced coal has decreased by 10% year-on-year to 263 yuan per ton, showcasing significant cost control measures [9] Growth Drivers - The increase in low-cost mining capacity and the construction of new mines are expected to drive future growth [10] - The magnesium chemical business has an integrated industrial chain advantage, which helps mitigate cyclical fluctuations [11] - The company is actively optimizing assets, with significant asset impairment provisions nearly completed, enhancing the asset structure and providing room for valuation recovery [13] Valuation and Dividend Policy - Current P/B ratio is 0.91, indicating undervaluation compared to peers like Shenhua (15-16 times) and Shanxi Coal (10-23 times) [14] - The dividend payout ratio is approximately 35%, significantly lower than Shenhua's 75% and other regional state-owned enterprises at 60% [15] - There is potential for increasing the dividend rate in the future due to policy encouragement for higher dividends and state-owned enterprise market value management requirements [15] Strategic Outlook - The company is well-positioned for investment in the current market environment, with strong performance stability due to the high proportion of long-term contracts [17] - The company has a solid cost reserve and is expected to benefit from the overall recovery of the coal sector [17] - Future development prospects are promising, with a focus on asset optimization, cost reduction, and increased dividends, alongside a low current valuation that has significant recovery potential [18][19]

Core Insights - The report emphasizes the potential awakening of the coal sector, suggesting that after a challenging period, coal prices are expected to rise towards the end of the year, providing upward momentum for the sector [2]. Industry Performance - As of September 19, 2025, the coal industry has seen a decline of 2.3% year-to-date, ranking last among 30 industries. However, in the week of September 19, it experienced a weekly increase of 3.6%, ranking second among the industries, indicating a significant contrast in performance [2]. - The report predicts that the coal price will stabilize and potentially reach a peak by the end of the year, which could drive further positive performance in the coal sector [2]. Company Focus - The report highlights several companies to watch within the coal sector: - **Keda Control**: Noted for its focus on smart mining [2]. - **China Coal Energy (H+A)** and **China Shenhua (H+A)**: Major state-owned enterprises in the coal industry [2]. - **China Qinfa**: Recommended for its turnaround potential [2]. - **Shanxi Coal and Electricity, Huainan Mining, and Xinji Energy**: Identified as strong performers [2]. - **Yankuang Energy, Jinkong Coal, and Pingmei Shenma**: Noted for their elasticity and potential for growth [2]. - **Huayang Co. and Gansu Energy**: Suggested as companies with future growth potential [2]. - **Anyuan Coal Industry**: Highlighted for its recent changes in control and ongoing asset restructuring [2].

快查股权穿透数据显示，该公司为中煤能源股份全资子公司。 （来源：快查一企业中标了） 快查APP显示，中煤能源股份相关公司中煤平朔集团有限公司于2025年9月23日发布一则招标信息，项 目名称为井工一矿四煤煤仓修复项目询价通知，预算金额为153.33万元。 ...

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed down 1.58% on September 22, with a trading volume of 154 million yuan [1] - The fund was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of September 19, 2024, the fund had 4.308 billion shares and a total size of 4.373 billion yuan, reflecting a 15.00% increase in shares and a 24.88% increase in size year-to-date [1] Group 2 - The current fund managers are Gong Lili and Wang Yang, with returns of 17.76% and 4.19% respectively during their management periods [2] - The fund's top holdings include China Mobile, China Petroleum, COSCO Shipping, CNOOC, China Shenhua, Sinopec, China Telecom, China Unicom, China Merchants Bank, and China Coal Energy, with varying holding percentages [2][3] Group 3 - The top holdings and their respective percentages are as follows: - China Mobile: 10.83% - China Petroleum: 10.55% - COSCO Shipping: 9.66% - CNOOC: 9.03% - China Shenhua: 8.09% - Sinopec: 7.66% - China Telecom: 4.85% - China Unicom: 3.68% - China Merchants Bank: 2.63% - China Coal Energy: 2.57% [3]

Group 1 - The core viewpoint of the news is the performance and current status of the Hong Kong Dividend Low Volatility ETF (520890), which has seen a significant decrease in both share count and total assets in 2024 [1][2] - As of September 19, 2024, the fund's latest share count is 58.08 million, with a total size of 82.26 million yuan, reflecting a 52.84% decrease in shares and a 43.79% decrease in size compared to December 31, 2024 [1][2] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually, with its performance benchmark being the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2 - The current fund manager is Li Qian, who has managed the fund since its inception on September 4, 2024, achieving a return of 41.80% during her tenure [2] - The top holdings of the fund include Shougang Resources, Far East Horizon, Chongqing Rural Commercial Bank, and others, with the largest holding being Shougang Resources at 3.83% [2] - The fund has seen a trading volume of 394 million yuan over the last 20 trading days, with an average daily trading amount of 19.72 million yuan [1]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [4] Core Viewpoints - The coal supply is expected to significantly improve the supply-demand balance due to ongoing production checks and a reduction in coal output [5][39] - In August 2025, the national raw coal production was 39,049.7 million tons, a year-on-year decrease of 3.2%, marking two consecutive months of negative growth [5][11] - The policy of "checking overproduction" has accelerated the contraction of supply, leading to a notable shift in production trends [5][39] - The domestic coal price has been under pressure, with northern port prices remaining at or below 650 yuan/ton, impacting the operations of coal companies in key production areas [7][41] - The coal industry is expected to enter a new phase of supply-demand rebalancing driven by policy changes, with a potential price floor at 700 yuan/ton [7][41] Summary by Sections Coal Production - In August 2025, coal production in Shanxi decreased by 6.7% year-on-year, while Inner Mongolia and Shaanxi saw slight increases of 0.3% and 1.1%, respectively [5][11] - The production checks initiated by the National Energy Administration have significantly influenced the supply contraction process [5][41] Coal Imports - In August 2025, coal imports were 42.74 million tons, a year-on-year decrease of 6.7%, continuing a six-month trend of declining imports [6][19] - The cumulative coal imports from January to August 2025 were 29,994 million tons, down 12.2% year-on-year [6][19] Investment Recommendations - Recommended stocks include high-dividend and stable performance coal companies such as China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [7][41] - Attention is also suggested for companies with high dividends and elasticity, such as Yanzhou Coal Mining Company [7][41]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - A V-shaped reversal in coal prices is anticipated, with winter prices expected to reach 800 CNY/ton. The long-term contracts are supporting spot prices, and policy-driven sentiment is leading to significant price increases. The long-term contract prices for September are 674, 613, and 551 CNY/ton for 5500, 5000, and 4500 kcal respectively, with the CCI index showing slight variations [6][26] - The coal market is expected to see a balance between supply and demand gradually, with prices steadily rising. The report maintains a "Positive" rating for the industry and suggests focusing on flexible thermal coal companies and those in turnaround situations in coking coal and coke sectors [6][26] Summary by Sections Coal Sector Performance - The coal sector outperformed the CSI 300 index, with a weekly increase of 3.59% as of September 19, 2025, while the index fell by 0.44%, resulting in a 4.03 percentage point outperformance. A total of 24 stocks in the sector rose, with Yongtai Energy showing the highest increase of 13.42% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.22 million tons for the week of September 12-18, 2025, a week-on-week increase of 5.3%. The average daily production was 7.18 million tons, also up 4.8% week-on-week and 4.4% year-on-year [2][24] Price Trends - As of September 19, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 676 CNY/ton, a week-on-week increase of 0.15%. The import price index for thermal coal was 812 CNY/ton, up 4.5% week-on-week. Prices at various ports and production areas also showed increases [3] - The price of coking coal at Jingtang Port was 1610 CNY/ton, up 3.9% week-on-week, while the futures settlement price for coking coal was 1216 CNY/ton, reflecting a 6.9% increase [4] Supply and Demand Dynamics - The total coal inventory monitored was 25.54 million tons as of September 18, 2025, a decrease of 1% week-on-week and 6% year-on-year. The cumulative sales volume of key monitored enterprises was 180.46 million tons, down 2.4% year-on-year [2][24] - The report indicates that the demand from the power and chemical industries has varied, with coal consumption in the power sector down 2.9% year-on-year, while the chemical sector saw an increase of 16% [2][24] Investment Recommendations - The report recommends focusing on companies in the thermal coal sector such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal. It also highlights companies in the coke sector that are expected to see profit improvements [6][26]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal economy is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [3][13] - The report highlights that coal prices have shown signs of stabilization, and there is an expectation for price increases due to seasonal demand and supply constraints [5][13] - The report emphasizes the continued investment logic of coal capacity shortages, with a short-term balance and a long-term gap in supply [13][14] Summary by Sections Coal Price Tracking - As of September 19, the market price for Qinhuangdao port thermal coal (Q5500) is 699 CNY/ton, an increase of 21 CNY/ton week-on-week [4][31] - The price for coking coal at Jingtang port is 1610 CNY/ton, up 60 CNY/ton week-on-week [4][33] - International thermal coal prices have also seen fluctuations, with Newcastle thermal coal at 69.6 USD/ton, a week-on-week increase of 0.4 USD/ton [4][31] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.7%, an increase of 2.4 percentage points week-on-week [4][48] - Daily coal consumption in inland provinces has increased by 4.10 thousand tons/day (+1.22%) [5][13] - The report notes that the supply side is still constrained by policies, and the demand is expected to rise as winter heating needs begin [5][13] Industry Performance - The coal sector has shown a weekly increase of 3.59%, outperforming the broader market [16] - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal, and others, highlighting their stable operations and strong performance [14][16]

Group 1 - Huayang Co. reached the daily limit increase in stock price [1] - Lu'an Environmental Energy rose over 5% [1] - Jin控 Coal Industry, Huaibei Mining, Yanzhou Coal Mining, and China Coal Energy also experienced stock price increases [1]

Core Viewpoint - Coal stocks experienced a midday surge, with notable increases in share prices for companies such as China Coal Energy, Yanzhou Coal Mining, and China Shenhua Energy, driven by recent data from the National Bureau of Statistics indicating a mixed outlook for coal production [1] Group 1: Market Performance - As of the report, China Coal Energy (01898) rose by 4.41% to HKD 9.94, Yanzhou Coal Mining (01171) increased by 4.01% to HKD 10.38, China Shenhua Energy (01088) gained 1.9% to HKD 38.64, and Power Development (01277) went up by 1.57% to HKD 1.29 [1] - The coal sector has seen a significant cumulative decline this year, with institutional holdings remaining low and a healthy chip structure, indicating potential for new investment opportunities [1] Group 2: Production Data - In August, the output of industrial raw coal from large-scale enterprises was 390 million tons, a year-on-year decrease of 3.2%, but the decline narrowed by 0.6 percentage points compared to July [1] - From January to August, the total output of industrial raw coal reached 3.17 billion tons, reflecting a year-on-year growth of 2.8% [1] Group 3: Future Outlook - Guosheng Securities forecasts that, without considering the impact of "anti-involution" on production, the total output of thermal coal in 2025 is expected to reach approximately 3.88 billion tons, with a further slowdown in growth to around 1.4% [1] - Zhongtai Securities suggests that the seasonal decline in coal prices has likely reached a bottom, and the upcoming demand for non-electric coal during peak winter usage is expected to catalyze further price increases [1]